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Recap August 15: Mother of all crashes is coming, record highs, Lionel Messi cryptos (Recap Ep136)

In this week’s recap, we found that U.S. and global stocks, in general, ended the week higher and at several all-time highs, despite the expansion of the Delta variant of Covid-19 and global supply shortages. U.S. wholesale prices rose sharply in July for the 6th consecutive month & offered little evidence that a big wave of inflation is on the verge of cresting. The producer price index jumped +1% last month. Analysts had forecast just a +0.6% increase. The pace of wholesale inflation over the past 12 months moved up to +7.8% from +7.3% in June. That’s the highest level since the index was reconfigured in 2010, & likely 1 of the highest readings since the early 1980s. U.S. gov’t posted July budget deficit of $302B, a record for that month. U.S. deficit 1st first 10 Mos of fiscal 2021 came to $2.540T

As the U.S. stock market reaches new all-time highs & inflation hits a 13-year high as well, at its highest levels since 2008, with the currency circulation increasing by $226.3B, Robert Kiyosaki, the author of Rich Dad Poor Dad, tweeted as follows: “The best time to prepare for a crash is before the crash. The biggest crash in world history is coming. The good news is the best time to get rich is during a crash. Bad news is the next crash will be a long one.”

Poly Network said Thursday nearly all of the over $600M stolen in 1 of the biggest cryptocurrency heists ever, has now been returned by hackers, except $33M worth of the tether digital coin has been transferred back. However, the last $268M of assets is locked in an account that requires passwords from both Poly Network & the hacker to gain access.

Soccer superstar Lionel Messi’s new team, PSG, said Thursday that his wage package includes a cryptocurrency called “PSG Fan Tokens.” The move to partially pay Messi in crypto makes it 1 of the “most innovative and avant-garde brands in the sport globally.” Messi signed a 2-year deal with PSG this week. The deal will net Messi a yearly salary of $41M & a reported signing bonus of $30M.

U.S. oil prices dropped on Wednesday; the Taliban control 65% of Afghanistan and could take its capital in 90 days; NASA is launching a mission to study an asteroid with more than $10,000 quadrillion worth of precious metals; China’s measures to combat Delta variant will affect energy demand; world coffee price continues to rise decided by the shortage of world supplies; Berkshire Hathaway reports 21% increase in Q2 profit.

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